Gurugram Dethrones Mumbai in Luxury Home Market

Gurugram has surpassed Mumbai to become India's leading market for luxury homes priced at ₹10 crore and above. In 2025, Gurugram recorded transactions worth ₹24,120 crore in this category, exceeding Mumbai's ₹21,902 crore.

Key Factors and Trends

A report by India Sotheby's International Realty and CRE Matrix indicates that 1,494 luxury homes were sold in Gurugram in 2025, marking the highest annual volume ever achieved in the city. This represents a nearly tenfold increase from the 155 units sold in 2023. The average price of luxury homes in Gurugram was ₹16 crore.

Emerging Micro-Markets

Emerging micro-markets such as Dwarka Expressway, Golf Course Road, and Golf Course Extension Road are driving the expansion of Gurugram's luxury residential market. Dwarka Expressway saw a 2,079% surge in transaction value, from ₹383 crore in 2024 to ₹8,347 crore in 2025.

Home Sizes and Preferences

Residential units averaging around 5,000 square feet were in high demand. The 4,000 to 6,000 square foot category accounted for the largest share of sales. Properties larger than 8,000 square feet contributed nearly 22% of the total transaction value.

Mumbai's Market

Mumbai's luxury market recorded transactions worth ₹21,902 crore in 2025. The average price tag in Mumbai is over ₹22.67 crore.

Factors Fueling Gurugram's Growth

Industry executives attribute Gurugram's growth to capital formation, entrepreneurial wealth, and a growing base of high-net-worth individuals. In 2025, 103 Indian companies raised $19.54 billion through IPOs, creating a new segment of ultra-luxury home buyers.

Conclusion

Gurugram has overtaken Mumbai in luxury home sales, driven by increased sales volume and transaction values. The growth is attributed to wealth creation, emerging micro-markets, and demand for larger homes.